(b) If Lessee fails to comply with any provision of this Agreement
 or any Event of Default has occurred and is continuing, Lessor
 may immediately or at any time thereafter, without prior
 notice to Lessee:

 (i) setoff all or any part of the Secured Liabilities
 against the liabilities of Lessor in respect of the
 Security Deposit; and/or

 (ii) apply or appropriate the Security Deposit in or towards
 the payment or discharge of the Secured Liabilities in
 such order as Lessor sees fit; and/or

 (iii) exercise any other remedy or right available under
 applicable law.

 (c) If Lessor has exercised the setoff described in subclause (b)
 above, Lessee shall, following a demand in writing from
 Lessor, promptly restore the Security Deposit to the level at
 which they stood immediately prior to such setoff.

 5.16 CURRENCY INDEMNITY:

 (a) Except for Losses suffered or incurred by Lessor and in
 respect of which Lessee has an obligation to indemnify Lessor
 hereunder, which shall be payable by Lessee to Lessor in the
 currency and in the amount in which such Loss is suffered or
 incurred, all amounts payable to Lessor under this Agreement
 shall be payable in Dollars in New York and payment in Dollars
 in New York is of the essence.

 (b) If Lessor receives an amount in respect of Lessee's liability
 under this Agreement or if such liability is converted into a
 claim, proof, judgment or order in a currency other than the
 currency (the "contractual currency") in which the amount is
 expressed to be payable under this Agreement:

 (i) Lessee will indemnify Lessor, on an After-Tax Basis, as
 an independent obligation against any loss arising out
 of or as a result of such conversion;